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14 Sep 11 Carbon Tax Bills introduced

On 13 September 2011, the following Bills, comprising the Governement's "Clean Energy Legislative Package" were introduced into the House of Representatives:

  • Clean Energy Bill 2011
  • Clean Energy (Consequential Amendments) Bill 2011
  • Clean Energy (Income Tax Rates Amendments) Bill 2011
  • Clean Energy (Household Assistance Amendments) Bill 2011
  • Clean Energy (Tax Laws Amendments) Bill 2011
  • Clean Energy (Fuel Tax Legislation Amendment) Bill 2011
  • Clean Energy (Customs Tariff Amendment) Bill 2011
  • Clean Energy (Excise Tariff Legislation Amendment) Bill 2011.
  • Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment Bill 2011
  • Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment Bill 2011.
  • Clean Energy (Unit Shortfall Charge—General) Bill 2011
  • Clean Energy (Unit Issue Charge—Auctions) Bill 2011
  • Clean Energy (Unit Issue Charge—Fixed Charge) Bill 2011
  • Clean Energy (International Unit Surrender Charge) Bill 2011
  • Clean Energy (Charges—Customs) Bill 2011
  • Clean Energy (Charges—Excise) Bill 2011
  • Clean Energy Regulator Bill 2011
  • Climate Change Authority Bill 2011

The Clean Energy Legislative Package sets up the carbon pricing mechanism as part of the Government’s climate change plan. The Clean Energy (Income Tax Rates Amendments) Bill 2011 and the Clean Energy (Tax Laws Amendments) Bill 2011 are part of the Package.

Schedule 1 to the Clean Energy (Income Tax Rates Amendments) Bill 2011 amends the Income Tax Rates Act 1986 to raise the tax-free threshold and adjust marginal tax rates from 1 July 2012 and again from 1 July 2015.

Schedule 1 to the Clean Energy (Tax Laws Amendments) Bill 2011 amends the ITAA 1936 to make corresponding adjustment to the low-income tax offset (LITO).

Schedule 2 to the Clean Energy (Tax Laws Amendments) Bill 2011 amends the Medicare Levy Act 1986 (MLA 1986) and the A New Tax System (Medicare Levy Surcharge-Fringe Benefits) Act 1999 to increase the Medicare levy and the Medicare levy surcharge low-income threshold amounts (threshold amounts) at which individuals are exempt from paying the Medicare levy. This Schedule also increases the phase-in limits as a result of the increased thresholds.

Schedule 3 to the Clean Energy (Tax Laws Amendments) Bill 2011 amends theITAA 1936 to merge the pensioner tax offset into the senior Australians tax offset (SATO). From 1 July 2012, the pensioner tax offset will no longer be available and all individuals previously eligible for the pensioner tax offset will be eligible for the SATO, which will be known as the seniors and pensioners tax offset (SAPTO).

Schedule 3 also amends the MLA 1986 to reflect the merger of the pensioner tax offset and SATO and makes further minor consequential amendments.

The amendments in Part 1 of Schedule 1 to the Clean Energy (Income Tax Rates Amendments) Bill 2011, together with the amendments in Part 1 of Schedule 1 and in Schedules 2 and 3 to the Clean Energy (Tax Laws Amendments) Bill 2011, will come into effect on the later of 1 July 2012 or the commencement of the Clean Energy Legislative Package.

The amendments in Part 2 of Schedule 1 to the Clean Energy (Income Tax Rates Amendments) Bill 2011, together with the amendments in Part 2 of Schedule 1 to the Clean Energy (Tax Laws Amendments) Bill 2011, will come into effect on the later of 1 July 2015 or the commencement of the Clean Energy Legislative Package.

For a copy of the Explanatory Memorandum to the Clean Energy (Income Tax Rates Amendments) Bill 2011 and the Clean Energy (Tax Laws Amendments) Bill 2011, go here

Schedule 2 to the Clean Energy (Consequential Amendments) Bill 2011 amends the ITAA 1997, the ITAA 1936 and the Taxation Administration Act 1953 to establish a rolling balance treatment of registered emissions units for income tax.

Schedule 2 also amends the A New Tax System (Goods and Services Tax) Act 1999 to make supplies of eligible emissions units under the carbon pricing mechanism GST-free.

For a copy of the Explanatory Memorandum to the Clean Energy (Consequential Amendments) Bill 2011, go here

 


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